European Union countries have lost nearly EUR 150 billion in value added tax (VAT) in 2016, according to a study by the European Commission. The so-called ‘VAT receipts deficit’ indicates the difference between the expected VAT revenue and the amount actually collected. Although Member States have made considerable efforts to improve VAT collection, figures show that a reform of the EU’s current VAT system and better cooperation at Union level are needed so that Member States can make full use of VAT revenues in their budgets. In nominal terms, the VAT receipts dropped by EUR 10.5 billion, to EUR 147.1 billion in 2016, or 12.3 percent of total VAT revenue versus 13.2 percent in the previous year. The individual performance of Member States still varies significantly. The VAT receipts declined in 22 Member States, with Bulgaria, Latvia, Cyprus and the Netherlands showing very good performance, i.e. a fall of more than five percentage points of VAT losses each. … [Read more...] about ‘VAT receipt deficit’ at EUR 150 billion in European Union states in 2016
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Business By Andrew Walker BBC World Service economics correspondent 31 May 2018 Share this with Facebook Share this with Twitter Share this with Messenger Share this with Messenger Share this with Email Share Share this with These are external links and will open in a new window Email Share this with Email Facebook Share this with Facebook Messenger Share this with Messenger Messenger Share this with Messenger Twitter Share this with Twitter Pinterest Share this with Pinterest WhatsApp Share this with WhatsApp LinkedIn Share this with LinkedIn Copy this link https://www.bbc.com/news/business-44291103 Read more about sharing. These are external links and will open in a new window Close share panel Related TopicsBrexit When it comes to trade with the rest of the world, the European Union is sometimes accused of having high barriers and protecting its own … [Read more...] about Is the European Union a ‘protectionist racket’?
Eric J. Lyman Special to USA TODAY Published 11:16 p.m. UTC May 24, 2018 ROME — With political novice Giuseppe Conte set to become Italy's next prime minister, reaction at home focuses on his balancing act to hold power, while allies and the European Union fear a collision course with the new anti-establishment government. Conte, a relatively unknown lawyer picked as a compromise candidate, is charged with enacting a controversial populist, anti-migrant platform of the top two parties from the March 4 elections — the 5-Star Movement and the nationalist League. Their victory as the top vote-getters comes amid the populist wave that resulted in Britain's Brexit referendum and the election of Donald Trump as U.S. president, both in 2016. Italy's election was marked by vulgar and bitter attacks against the political establishment, migrants and the European Union. “Conte steps into an enormously difficult … [Read more...] about Italy’s next prime minister faces a collision course with European Union, allies
There are now more Romanians living in the UK than there are Irish nationals or Indians, official figures reveal. Romania has overtaken the Republic of Ireland and India to move from fourth to second most-common non-British nationality in the UK, the Office for National Statistics (ONS) found. The number of Romanian nationals living in the UK in 2017 was estimated to be 411,000 – a jump of 25% on the previous year, and the largest increase for any country. Romania joined the European Union in 2007 but it was only in 2014 that restrictions on Romanians’ rights to work in the UK were lifted. Polish remains the most common non-British nationality, with an estimated 1 million in the UK. The UK government has reached an agreement with the EU on citizens’ rights in negotiations on Britain’s withdrawal from the EU. People who, by 31 December 2020, have been continuously and “lawfully living” in the UK for five years will be able to apply to stay … [Read more...] about Romanian is second most common non-British nationality in UK
BRUSSELS – Agence France-Presse EU leaders will seek to boost ties with the Balkans at a summit this week, but it looks set to be overshadowed by the rift with U.S. President Donald Trump over the Iran nuclear deal. The meeting of European leaders with six Balkan counterparts on May 17 in Bulgaria comes as Brussels tries to counter growing Russian influence in the region with promises of eventual membership of the EU. However Trump’s withdrawal from the Iran accord, together with threatened trade tariffs which have also strained transatlantic ties, will dominate a dinner of the EU leaders on the eve of the summit on May 17. “Policies of @realDonaldTrump on #IranDeal and trade will meet a united European approach. EU leaders will tackle both issues at the summit in Sofia next week,” European Council President Donald Tusk tweeted. For all the urgency over Europe’s attempts to save the Iran deal, arguably the so-called Western Balkans summit in Sofia is at … [Read more...] about European Union to meet Balkan leaders to boost ties